Bailout in Cyprus is becoming an endless abyss

By in

cyprus-bailout-protest-6 EU finance ministers are meeting today in Dublin for two days of meetings where the main topic to discuss will be the Cyprus bailout. Unfortunately, while numerous changes have been made and continue to be made to the terms of the bailout, the Cypriots remain in the dark about exactly what is being decided on. We have been distracted by capital controls, news about the lists of people who took money out before 15th of Marc and about investigations into who was responsible for the demise of the economy as well as a political row over who ordered a haircut law the day before, and just when Cypriots thought it could not get any worse, the bailout jumps from €17,5 billion to €23 billion while we were not looking. A bigger outflow than originally estimated from the banks was cited as one of the possible reasons. In addition, reports have surfaced that the bulk of the island’s gold reserves would be sold for €400 million. The only reaction to this news in the island has been denial from the Central Bank stating that the gold sale was not under discussion and as well a comment from the government spokesman yesterday that this was an issue between the Cypriot and European central banks. On the €23 billion, the spokesman simply blamed the previous government and the banks without giving any details. It would probably be too much to ask the new government to come clean and explain to the people who have been robbed or who have lost their jobs how much money is really needed and how this will affect their lives. Nowadays and in Cyprus people do not want to hear political rhetoric covering the reality. People want to hear the truth about what is going to happen with their futures, or in this case the lack thereof.